# YAMASHITA HEALTH CARE HOLDINGS,INC.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/06/01－2026/05/31) (S100YXFY)
> Page: https://vizora.meequs.com/en/company/yhchd
> Retrieved: 2026-09-30T20:24:28.707Z

## Company

Yamashita Health Care Holdings, founded in 2017, is a company in Medical Devices listed on TSE Standard. It has 617 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMASHITA HEALTH CARE HOLDINGS,INC. |
| Ticker | 9265 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9265.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区下川端町2番1号 |
| Representative (per filing) | 代表取締役 執行役員 社長 山下尚登 |
| Founded | Dec 2017 |
| Share capital | ¥494M |
| Employees (consolidated) | 617 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | May |
| Website | www.yhchd.co.jp (https://www.yhchd.co.jp/) |
| Corporate number | 2290001079821 |
| EDINET | E33393 |
| Industries (Vizora) | Medical Devices, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YXFY, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.2 | 179 |
| Profitability | 14.3 | 185 |
| Cash conversion | 13.1 | 179 |
| Efficiency | 84.6 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 100% of Yamashita Health Care Holdings's sales come from Medical equipment sales, with Medical equipment manufacturing and sales and Medical mall making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit -12.1%.

## Company structure

- Segment revenue mix: Medical equipment sales 99.6%、Medical equipment manufacturing and sales 0.3%、Medical mall 0.1%
- Revenue → net income: ¥64149000000 → ¥647000000
- Net income → operating cash flow: ¥647000000 → ¥88000000（difference ¥-559000000）
- Main uses of operating cash flow: CapEx ¥1320000000 / dividends ¥185000000 / buybacks ¥152000000
- Change in cash: ¥-1571000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥64.1B |  |
| Operating income | ¥737M | Margin 1.1% |
| Net income | ¥648M | Margin 1.0% |
| Free cash flow | -¥1.23B |  |
| Largest business | Medical equipment sales | of segment revenue 99.6% |
| Employees (consolidated) | 617 |  |
| EPS | ¥295.55 |  |
| Book value per share | ¥2954.65 |  |
| Equity ratio | 34.6% |  |
| Shares outstanding | 2,553,000 |  |
| Treasury shares | 9,700 |  |
| Shareholders | 3,813 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 6.4% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥70131078000 | ¥64149000000 | -8.5% |
| Operating income | ¥968842000 | ¥737000000 | -23.9% |
| Operating margin | 1.4% | 1.1% | -0.2 pp |
| Employees | 553 people | 617 people | +11.6% |
| Cash and equivalents | ¥3652000000 | ¥4127000000 | +13.0% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 医療機器販売業 → 医療機器販売業 | 99.4% |
| 医療機器製造・販売業 → 医療機器製造・販売業 | 0.3% |
| 医療機器製造・販売業 → 事業再編・廃止 | 0.2% |
| 医療モール事業 → 医療モール事業 | 0.1% |
| 新設・再編 → 医療機器販売業 | 0.2% |
| 新設・再編 → 医療モール事業 | 0.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical equipment sales | 5 years | -1.7% | ¥63868000000 | 3.3% | 2 |
| Medical equipment manufacturing and sales | 5 years | -10.4% | ¥207000000 | -89.4% | 2 |
| Medical mall | 5 years | +2.0% | ¥74000000 | 9.5% | 2 |

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,149 | 100.0% | S100YXFY |
| Cost of revenue | 55,349 | 86.3% | S100YXFY |
| Gross profit | 8,800 | 13.7% | S100YXFY |
| SG&A | 8,062 | 12.6% | S100YXFY |
| Operating income | 737 | 1.1% | S100YXFY |
| Ordinary income | 877 | 1.4% | S100YXFY |
| Pretax income | 929 | 1.4% | S100YXFY |
| Income tax | 282 | 0.4% | S100YXFY |
| Net income | 647 | 1.0% | S100YXFY |
| Net income attributable to owners | 648 | 1.0% | S100YXFY |

## Per ¥100 of revenue（FY ending May 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.7% → Operating margin 1.1% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.5%; Core profit growth: -12.1%
Operating leverage (core profit growth ÷ revenue growth): 23.06×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 64,486 | 64,149 | -337 | -0.5% |
| Gross profit | 8,777 | 8,800 | 23 | +0.3% |
| Operating income | 838 | 737 | -101 | -12.1% |
| Net income attributable to owners | 616 | 648 | 32 | +5.2% |
| Operating cash flow | 617 | 88 | -529 | -85.7% |
| Free cash flow | 307 | -1,232 | -1,539 | -501.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 64,659 | 561 | 0.9% | 460 | 818 | 767 | S100MCAA |
| FY ending May 2021 | 70,131 | 969 | 1.4% | 678 | 912 | 765 | S100P29L |
| FY ending May 2022 | 55,145 | 930 | 1.7% | 696 | 581 | 463 | S100RQBX |
| FY ending May 2023 | 58,195 | 1,156 | 2.0% | 219 | 2,166 | 2,085 | S100U91I |
| FY ending May 2024 | 61,555 | 967 | 1.6% | 580 | 878 | 801 | S100WKIB |
| FY ending May 2025 | 64,486 | 838 | 1.3% | 616 | 617 | 307 | S100YXFY |
| FY ending May 2026 | 64,149 | 737 | 1.1% | 648 | 88 | -1,232 | S100YXFY |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 574 | 570 | 606 | 613 | 617 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥6.8M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 44.0 years | 43.1 years | 45.0 years | 45.0 years | 46.0 years |
| Average tenure (parent company) | 13.0 years | 12.0 years | 14.0 years | 13.0 years | 12.1 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -0.5%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment sales | 63,868 | 99.6% | 2,132 | 3.3% |
| Medical equipment manufacturing and sales | 207 | 0.3% | -185 | -89.4% |
| Medical mall | 74 | 0.1% | 7 | 9.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment sales | 99.6% | 99.7% | 0.1 | 3.3% |
| Medical equipment manufacturing and sales | 0.3% | — | — | -89.4% |
| Medical mall | 0.1% | 0.3% | 0.2 | 9.5% |

Loss-making segment (excluded from profit shares): Medical equipment manufacturing and sales -185 JPY mn

Segment → industry: Medical equipment manufacturing and sales → Medical Devices / Medical mall → Real Estate Development & Leasing / Medical equipment sales → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 88 | 0.1% | S100YXFY |
| Capital expenditure | 1,320 | 2.1% | S100YXFY |
| Free cash flow | -1,232 | -1.9% | 算出 |
| Investing cash flow | -1,322 | -2.1% | S100YXFY |
| Financing cash flow | -337 | -0.5% | S100YXFY |
| Dividends paid | 185 | 0.3% | S100YXFY |
| Share buyback | 152 | 0.2% | S100YXFY |
| Change in cash | -1,571 | -2.4% | S100YXFY |
| Cash and equivalents | 4,127 | 6.4% | S100YXFY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,975 | 5,825 | 5,300 | 5,698 | 4,127 | S100U91I, S100WKIB, S100YXFY |
| Total assets | 24,086 | 24,568 | 26,557 | 27,549 | 27,089 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Net assets | 8,005 | 7,924 | 8,556 | 8,988 | 9,360 | S100U91I, S100WKIB, S100YXFY |
| Share capital | 494 | 494 | 494 | 494 | 494 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Property, plant and equipment | 3,463 | 3,326 | 3,147 | 3,378 | 4,350 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Intangible assets excluding goodwill | 140 | 111 | 338 | 374 | 326 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Goodwill | 70 | 56 | 292 | 293 | 248 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Investment securities | 1,149 | 1,015 | 1,267 | 1,139 | 1,093 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Current assets | 18,793 | 19,516 | 20,887 | 21,766 | 20,494 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Current liabilities | 15,555 | 16,139 | 17,584 | 18,087 | 17,323 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Trade payables | 7,896 | 7,793 | 8,282 | 8,576 | 8,208 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Total liabilities | 16,081 | 16,644 | 18,000 | 18,560 | 17,728 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Non-controlling interests | 24 | 17 | 14 | 11 | — | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Equity attributable to owners of parent | 7,417 | 7,427 | 7,720 | 8,096 | 8,758 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Retained earnings | 6,296 | 6,306 | 6,763 | 7,206 | 7,669 | S100RQBX, S100U91I, S100WKIB, S100YXFY |
| Treasury stock | 0 | 0 | -165 | -231 | -28 | S100RQBX, S100U91I, S100WKIB, S100YXFY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YXFY |
| Property, plant and equipment | 16% | S100YXFY |
| Intangibles and goodwill | 2% | S100YXFY |
| Investment securities | 4% | S100YXFY |
| Other assets | 63% | S100YXFY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 30% | S100YXFY |
| Other liabilities | 35% | S100YXFY |
| Equity | 35% | S100YXFY |
| Other liabilities | 0% | S100YXFY |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,086 | 24,568 | 26,557 | 27,549 | 27,089 |
| Equity | 8,005 | 7,924 | 8,556 | 8,988 | 9,360 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,975 | 5,825 | 5,300 | 5,698 | 4,127 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 6.8% | S100YXFY |
| Fixed assets ÷ total assets | 16.1% | S100YXFY |
| Goodwill ÷ parent equity | 2.8% | S100YXFY |

Goodwill over 4 years: 70 → 248 JPY; total investing cash flow: -2,504 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.2% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.9% |
| Cash vs. profit gap | -560 JPY mn (of net income -86.4%) |
| Shareholder returns / net income | 52.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 1502.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.3% | 2.29× | 2.9% | 3.25× | 9.4% | S100RQBX |
| 2023 | 0.4% | 2.39× | 0.9% | 3.28× | 3.0% | S100U91I |
| 2024 | 0.9% | 2.41× | 2.3% | 3.38× | 7.7% | S100WKIB |
| 2025 | 1.0% | 2.38× | 2.3% | 3.42× | 7.8% | S100YXFY |
| 2026 | 1.0% | 2.35× | 2.4% | 3.24× | 7.7% | S100YXFY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山下 尚登 | Major shareholder | 24.4% | 2026-05-31 |
| ヤマシタヘルスケアホールディングス社員持株会 | Major shareholder | 10.3% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 8.5% | 2026-05-31 |
| 山下 弘高 | Major shareholder | 5.1% | 2026-05-31 |
| トリプルフォー投資事業組合 | Major shareholder | 5.0% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 4.7% | 2026-05-31 |
| 山下 耕一 | Major shareholder | 3.7% | 2026-05-31 |
| 株式会社十八親和銀行 | Major shareholder | 2.8% | 2026-05-31 |
| 山下 浩 | Major shareholder | 2.4% | 2026-05-31 |
| 内藤 征吾 | Major shareholder | 1.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/06/01－2026/05/31) | S100YXFY | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXFY,, |
| 有価証券報告書－第8期(2024/06/01－2025/05/31) | S100WKIB | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKIB,, |
| 有価証券報告書－第7期(2023/06/01－2024/05/31) | S100U91I | 2024-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U91I,, |
| 有価証券報告書－第6期(2022/06/01－2023/05/31) | S100RQBX | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQBX,, |
| 有価証券報告書－第5期(令和3年6月1日－令和4年5月31日) | S100P29L | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P29L,, |
| 有価証券報告書－第4期(令和2年6月1日－令和3年5月31日) | S100MCAA | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCAA,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).